Italian energy group Eni reported a 46% slide in fourth-quarter adjusted net profit on Thursday, hit by lower energy prices and weakness at its refining, biofuel and chemicals divisions…
Italian energy group Eni reported a 46% slide in fourth-quarter adjusted net profit on Thursday, hit by lower energy prices and weakness at its refining, biofuel and chemicals divisions.
Adjusted net profit for October and December totaled 892 million euros ($934 million), below an analyst consensus of 960 million euros compiled by the company and down from 1.66 billion euros in the fourth quarter of 2023.
Eni said its pro-forma leverage, which measures total debt in relation to equity taking into account also agreed disposals yet to be completed, fell to 15% at the end of last year.
"Our portfolio actions mean our pro-forma leverage is now an historically low 15%, enabling us to continue to invest in the business and reward our shareholders through the cycle," CEO Claudio Descalzi said in a statement.
Eni shares were down 2.2% in early trade, underperforming a 1.5% drop in Milan's blue chip index.
Descalzi has developed a strategy based on dedicated units - or satellites - that aim to independently access capital markets to fund their growth.
In 2024 the group opened up the capital of both its renewable and retails unit Plenitude and its biofuel company Enilive prompting investments by Swiss asset
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